LeEco eyes FIBP approval to set up retail stores in 2-3 months

Chinese electronics firm LeEco is hopeful of getting Foreign Investment Promotion Board (FIPB) approval in two-three months to launch its own stores in India, a top official said on 3 April.

"We applied for it (permission) about three weeks back. We have had one meeting with the government after that, which has been very positive. So, we are hopeful that in the next two-three months, we should get it," LeEco India Smart Electronics Business Chief Operating Officer Atul Jain told PTI in Mumbai.

Last month, the smartphone maker had filed an application with the FIPB for undertaking single brand retail trading of electronic products both through brick-and-mortar stores and e-commerce portal.

On 3 May, the company launched its Le 1s (Eco) smartphone at an introductory price of Rs 9,999. The company aims to sell 1 lakh units on Flipkart through a flash sale on 12 May.

"We are hopeful of achieving it. After the flash sale also, we will be selling the phone but the quantity will depend on the response that we get," Jain added. Le 1s Eco supports nine Indian languages - Hindi, Tamil, Telugu, Punjabi, Marathi, Gujarati, Kannada, Malayalam and Bengali.

The Le 1s (Eco) phones will also feature an app called Le Vidi, powered by ErosNow, which allows users to watch movies, while Le Live powered by Yupp TV allows users to watch live TV.

Both the services will be available from 24 May. It has tied up with Hungama Music which offers over 3.5 million songs in 25 languages and this service will be rolled out in the third quarter of 2016.

LeEco has sold 4 lakh phones since entering the country this year, of which flash sales accounted for 50-55 per cent of the total sales.

LeEco currently sells phones through the online route but Jain said that in the next two months, they will be available in multi-brand outlets as well.

The company also plans to sell its smart TVs in the country from June-end.

-With agency inputs